Have you tried the Power Apps Patch function to update list items with formula-level error management enabled?
Required fields in SharePoint
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In SharePoint you always have to consider the required fields when you update list items. However when you update or create a list item with the patch function you will find that required fields are simply marked as required in SharePoint however the Patch will still work.

So even though I didn’t fill in a required field in my Patch function. The SharePoint list item is still created. This is without enabling the error handling in Power Apps.
Formula-level error management
Notice that Formula-level error management is still one of the experimental features. However you can enable it quite easily within the settings of your app.

Important is also that you save your app and then restart the Power Apps studio so that the app is restarted with the new setting.
Patch with the Formula-level error management enabled
Once you have enabled Formula-level error management however you will find that the Patch fails and Power Apps complains that there is a required field.

This is one thing that you do need to be aware off when you try the Formula-level error management feature. With this feature enabled the SharePoint connector seems to be less forgiving of your mistakes.
Useful to know Pieter – thanks